Gladstone Investment Corporation 5.00% Notes Due 2026

NAS:GAINNFinancial Services

——At close · Market cap —

USD millions	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026	YoY
Revenue	53.2	112.2	48.5	103.2	89.9	71.5	−20.5%
Cost of revenue	4.4	13.1	15.9	24.1	28.2	57.6	+104.0%
Gross profit	48.7	99.1	32.7	79.0	61.6	13.9	−77.5%
Research & development	0.0	0.0	0.0	0.0	0.0	0.0	—
Selling, general & administrative	5.9	6.4	7.0	6.2	8.2	6.1	−25.2%
Selling & marketing	0.0	0.0	0.0	0.0	0.0	0.0	—
Operating expenses	6.3	(3.2)	(2.9)	(6.3)	(3.7)	(211.9)	−5650.9%
Operating income	42.5	102.3	35.5	85.3	65.3	225.8	+245.6%
Interest expense	4.4	13.1	15.9	24.1	28.2	41.0	+45.2%
Interest income	47.2	59.6	60.3	81.8	83.6	95.9	+14.6%
Other income / expense	0.0	0.0	0.0	0.0	0.0	(41.0)	—
Pre-tax income	42.5	102.3	35.5	85.3	65.3	184.8	+182.8%
Income tax	0.0	0.0	0.0	0.0	0.0	0.0	—
Net income	42.5	102.3	35.5	85.3	65.3	184.8	+182.8%
Discontinued operations	0.0	0.0	0.0	0.0	0.0	0.0	—
Other net income adjustments	0.0	0.0	0.0	0.0	0.0	0.0	—
EPS, basic (per share)	1.28	3.08	1.07	2.47	1.78	4.77	+168.0%
EPS, diluted (per share)	1.28	3.08	1.07	2.47	1.78	4.77	+168.0%
EBITDA	42.5	102.3	47.8	85.3	65.3	225.8	+245.6%
Depreciation & amortization	0.0	0.0	12.2	0.0	0.0	0.0	—
Weighted average shares (shares)	33,176,760	33,205,023	33,311,785	34,466,724	36,735,218	38,712,611	+5.4%
Weighted average diluted shares (shares)	33,176,760	33,205,023	33,311,785	34,466,724	36,735,218	38,712,611	+5.4%
Gross margin	91.6%	88.3%	67.3%	76.6%	68.6%	19.4%	−49.2 pts
Operating margin	79.8%	91.2%	73.2%	82.7%	72.7%	315.8%	+243.2 pts
Net margin	79.8%	91.2%	73.2%	82.7%	72.7%	258.5%	+185.8 pts

USD millionsUpdated Tue 12 May ·

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Amounts are shown in the stated units; per-share amounts and shares are unscaled. Negative amounts are in brackets.